BREAKING: VERIZON OUT AS INDYCAR SERIES TITLE SPONSOR AFTER 2018

Verizon is cutting back on its commitment to the IndyCar Series after the 2018 season.PHOTO BY LAT PHOTOGRAPHIC

Company will remain a part of the sport as a car sponsor for Team Penske

BY: BRUCE MARTIN

Verizon will leave the IndyCar Series as its title sponsor after the 2018 season — marking the end of a successful commitment it has maintained since 2014. The move was expected as new management at Verizon began re-evaluating its advertising and marketing budgets earlier this year.

The decision was announced by Hulman & Co., the parent company of IndyCar, the Indianapolis Motor Speedway and Clabber Girl Baking Powder.

“We truly appreciate the significant resources — both financial and technical — that Verizon has invested in IndyCar,” said Mark Miles, chief executive officer of Hulman & Co. “Our series and sport have benefitted across a variety of fronts as a result of our work together, and they have been great partners.”

Despite its departure as the title sponsor, Verizon will continue its involvement in the series as a primary sponsor at Team Penske. This past season, both 2017 champion Josef Newgarden and 2014 Verizon IndyCar Series champion Will Power were sponsored by Verizon.

“We want to thank Verizon for the support they have provided the IndyCar Series and the leading role they have played as they helped us grow the sport as the title sponsor for the past five years,” team owner Roger Penske said. “Verizon has helped the series reach new fans through their world-class activation and technology, including the Verizon IndyCar Mobile App. While they will no longer be the Series Title Sponsor after 2018, it is exciting they will still be in the sport through their relationship with our organization.”

Miles has told Autoweek in the past that digital rights are important to the series. He hopes to include them in a new distribution package combined with a television broadcast package that is expected to begin in 2019. He had expressed concern that Verizon would be able to return past 2018 and, with Friday’s confirmation, can begin looking for a new series title sponsor.

All Verizon initiatives, including its popular Verizon IndyCar Mobile App, will remain in effect through the 2018 season.